More from Vlieghe

  • Negative rates area tool but they are not on the monetary policy menu
  • Sees the next move in rates as up unless things really deteriorate
  • BOE has much more scope to remove stimulus than to stimulate further
  • BOE has the room to act if the UK gets a large negative surprise

And that's the final whistle

He seems a very sensible chap and we now know where he sits on rates right now. Not an ultra dove but one that wants to see a bit more inflation before pulling his trigger. On that basis he might be waiting a while